COLUMBUS, Ohio — Shares of Express soared Wednesday after the clothing and accessories chain hiked its 2015 forecast while also reporting net income that nearly tripled in its fiscal second quarter.
The Columbus, Ohio, company now expects adjusted earnings to range between $1.30 and $1.37 per share in the fiscal year that will end Jan.30. That's up from a forecast it made in May for $1.11 to $1.22 per share.
Analysts expect, on average, earnings of $1.20 per share, according to FactSet.
Express Inc. also said its net income jumped to $19.8 million from almost $7 million in the quarter that ended Aug. 1, despite a hit from foreign currency exchange rates. Revenue climbed 11 percent to $535.6 million.
On a per-share basis, the company reported a profit of 25 cents per share in the most recent quarter.
That topped Wall Street expectations. Analysts forecast, on average, earnings of 15 cents per share on $505 million in revenue, according to Zacks Investment Research.
Shares of Express Inc. jumped 19 percent, or $3.21, to $20.11 in morning trading. Express shares had already risen 15 percent since the beginning of the year before Wednesday's jump. The stock has increased 16 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXPR at http://www.zacks.com/ap/EXPR
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